Audit of co operative housing society

This query is : Resolved 

13 September 2011

if any society which is 5 years or more old and which has not done audit of all the years than what are the penal consequencies and can any ca proceed for audit from 1-4-2010 if the society is much more older.

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
15 September 2011

In terms of the provisions of the Maharashtra Cooperative Societies Act, each society has to arrange to get the account audited at least once in each cooperative year and circulate the audited account with the agenda of the annual general body meeting. As regards the eligibility of the auditor, he could be a chartered accountant or a person, who holds a Government Diploma in cooperative accounts or a Government Diploma in cooperation and accountancy or a person, who has served as an auditor in the cooperative department and whose name has been included by the Registrar in the panel of certified auditors published by him in the official gazette at least once in three years.

In case no audit has been done then the members can complain to the Registrar for not holding AGM, Not getting accounts, Not circulating audited accounts, can remove the existing managing committee.

Investigator or the administrator can be appointed by the Registrar Co-operative

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